Whilst having fully supported the Company's management team in the past, I find at this time I can not support the resolution for awarding these performance rights. "Performance" is the key word for me, which I just can't get my head around when it comes to the actual achievements of this Board.
I feel it is my duty to sadly report that I believe all the management team at Bassari may have all come down with alzheimer's. If this is not the case, then I believe the Centrelink Mentality Syndrome (CMS) must be running rampant throughout the organisation's higher echelons.
You may ask what is CMS? It is! Forget the facts, qualifications or deservedness supporting our demand , we are simply saying we should get it.
A couple of facts I would like to mention at this time are:
Bassari reported on 22/5/2014 that it had applied for an exploitation permit. At the end of this month, 3 years would have passed and all the company has achieved in this time which has actually had an effect on the company's share price is having this permit approved last October. No Presidential Decree ( which from the last quarterly report now appears to be required prior to finance approval, although I am not absolutely sure about this fact given the way it was reported), no finance in place and of course not 1 ounce of gold produced. From articles I have read, Toro Gold another gold miner in Senegal, appears to have received much more favourable treatment by the Government over there than that given to our company. Toro Gold was granted a Presidential Decree on 22/7/2016 after what I believe was a lot shorter lead time from the date of their permit application. In fact, we have not received our's as yet, and I for one would like to know why delay. I believe the Presidential Decree is about 2 to 3 pages long and is not actually signed by the President, but rather by some public servant that has been given authority to sign it on his behalf.
Time is money in business as anyone knows and these delays have cost us shareholders a bundle of that. Even now the company's wages and administration costs are running at $46,500.00 a week. If not for the Board telling us differently, it would be easy for one to think that with these time delays someone or something is actually trying to sabotage our company's efforts before it really gets of the ground. Surely it is not our own Board, our joint venture partner W.A.T.I.C playing silly games nor the Senegal Government which is determined to increasing it's GDP by fully supporting new profitable mining projects in the country. Just something for the conspiracy theorists out there to consider.
I personally would not be surprised to see our first actual gold produced sometime in the first quarter of 2018. A far cry from the expected 2015 year. With no Presidential Deceree, no finance approved as yet, new plant to be acquired and set up, a stated 4 month stock pile of raw material stock to be produced prior to actual production and the fact that it is monsoon season over there until the middle of October, it is quite possible the the first gold will not be produced until early 2018. I am thinking of starting up a betting book on it based on the actual month it is reported for anyone that maybe interested. However, before setting the odds I am waiting to get the Board's best guess. In the meantime the company will still have to possibly find more working capital, which will probably mean more capital raising? Sorry, existing shareholders.
Also, correct me if I am wrong but did Bassari's market capitalisation value reach $70 million about 5 months ago when share price in the 4 cent range? If so, this means that the Board has set themselves a goal that they had already achieved 5 months ago and are giving themselves a timeline of 3 years or less to get back to it. Fills me with great confidence about the future, especially in regard to the Board's own thoughts on what they expect they are capable of achieving in the given time frame.
I have a lot of other facts,concerns and questions I would like answers to, but will keep them for the Annual General Meeting (AGM). It would be stupid of me to air them publicly on this forum, thereby possibly decreasing the company's share price and what little wealth I have left even further. The Bassari Board are doing a fantastic job in this regard all on their own. They definitely do not need any more help from me in deflating the company's share price.
I do not believe that the more recent movement in the company's share price is largely due to people manipulating the price for their own benefit. There is a lot more to it than that, including a poor perception of the Boards future performance in the actual mining phase and meeting deadlines set therein. If past history is the only thing available to go on, then it is not looking good.
Finally, I would like to come out and let everyone know especially those responsible for preparing shareholder updates for Bassari Resources shareholders. of which I am proudly one. I have now matured into a fully grown mushroom. I no longer have to be kept in the dark nor fed copious amounts of manure to ensure my future well being, development and understanding. Just hard cold facts in future will suffice, backed up and evidenced by the supporting performance of our company.
Hope to see you all at the AGM and vocal. You definitely have a reason to be. Maybe a couple of drinks after. I have a feeling we will all probably need one, two or three.
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